Wall Street Targets Broadly Higher Open

Early signs from the U.S. Futures Index suggest that Wall Street might open broadly higher.

Asian shares finished lower on Wednesday, while European shares are trading mostly lower.

A Fed report on industrial production might be a highlight on Wednesday. Reports on import and export prices and New York manufacturing activity also might get special attention.

As of 7.55 am ET, the Dow futures were down 12.00 points, the S&P 500 futures were adding 3.75 points and the Nasdaq 100 futures were progressing 25.25 points.

The U.S. major averages finished lower on Tuesday. The S&P 500 fell 25.68 points or 0.6 percent to 4,443.05, while the Nasdaq dropped 67.82 points or 0.5 percent to 15,037.76, closing lower for the fifth straight session.

On the economic front, the Empire State Manufacturing Index for September will be released at 8.30 am ET. The consensus is for 18.6, while it was up 18.3 in the previous month.

The Labor Department’s Import and Export Prices for August will be published at 8.30 am ET. The consensus is for increase of 0.3 percent, while it was up 0.3 percent in July.

The Fed’s Industrial Production for August will be issued at 9.15 am ET. The consensus is for an increase of 0.5 percent, while it was up 0.9 percent in the previous month.

Manufacturing output is expected to grow by 0.4 percent.

Atlanta Fed Business Inflation Expectations for September will be released at 10.00 am ET. In the prior month the increase was 3 percent.

The Energy Information Administration or EIA’s Petroleum Status Report for the week is scheduled at 10.30 am ET. In the prior week the Crude oil inventories were down 1.5 million barrels and Gasoline inventories were down 7.2 million barrels.

Asian stocks ended lower on Wednesday. Chinese shares ended lower. The benchmark Shanghai Composite index dropped 6.38 points, or 0.17 percent, to 3,656.22.

Hong Kong’s Hang Seng index fell 469.02 points, or 1.84 percent, to 25,033.21.

Japanese shares retreated from three-decade peaks hit in the previous session. The Nikkei average ended down 158.39 points, or 0.52 percent, at 30,511.71 while the broader Topix index closed 1.06 percent lower at 2,096.39.

Australian markets fell slightly, with material stocks leading losses. The benchmark S&P/ASX 200 dipped 20.30 points, or 0.27 percent, to 7,417 while the broader All Ordinaries index ended down 17.10 points, or 0.22 percent, at 7,723.20.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is declining 45.71 points or 0.68 percent. The German DAX is losing 31.50 points or 0.20 percent, the U.K. FTSE 100 Index is up 3.44 points or 0.06 percent.

The Swiss Market Index is declining 71.06 points or 0.59 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.45 percent.

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